U.S. Banks Give Multibank Blockchains Another Try

About five years ago, U.S. banks began talking to organizations like R3, Ripple and Digital Asset Holdings and the Enterprise Ethereum Alliance about developing shared digital ledgers that would make the banks more efficient and help them work with one another for cross-border payments and other purposes.

Digital Interbank Network Executes Real-Time Payment On Blockchain

Western Alliance Bank transferred $1.1 million digital dollars to Coastal Community Bank in an inaugural demonstration last week of a new payment rail built on blockchain technology.

More than 100 U.S. banks watched the real-time transfer between $50 billion Western Alliance Bank and $1.5 billion Coastal Community Bank Dec. 16.. The Digital Interbank Network — owned and governed by member banks and slated to go live in 2022 — is built on blockchain by New York-based Tassat Group, the network’s sponsor, which said it was the first transfer of digital dollars between banks.

Tassat Announces Blockchain Real-time Payments Network For Banks

Financial technology platform Tassat will roll out a platform that uses blockchain to allow bank customers to send each other payments that would usually take days in a matter of minutes.

New York-based Tassat announced plans to launch the network some time next year during a presentation Thursday in New York. Western Alliance Bancorp sent Coastal Community Bank $1.1 million across the network in a demonstration at the Times Center on 41st Street. Silver and blue balloons rained down on the stage once the transaction was complete.